The 3-day course is intensive, and there is an optional 4th day which is where you get to do the trading, coached by Alan. Before you attend the course you will require a basic knowledge of technical analysis beforehand - ie knowing how to draw trendlines, support and resistance, and what MACD, stochastics, Elliott waves, fibonacci, etc, are and how to use them.
This course is for short-term swing trading - anything from 2 minutes to 2 weeks - and is ideal for daytrading. There are virtually no UK stocks covered, because the best money and opportunities are to be found on the US markets ($6 commission, 1 cent spreads, etc, etc).
There are lots of courses out there, but very few cater for those who want to trade long and short, daytrade, or hold for longer periods. What the course taught me is that I can trade any market, any situation, profitably. Not that all my trades and profitable, mind!
Alan is a daytrader and swing trader. He's been doing it for the last 14 years or so, so there's not much that he doesn't seem to know. He's also authored a book called The Master Swing Trader - it's an exceptional book, but very heavy going. If you go on the course, everything is explained in an easy-to-understand manner, with all the detailed set-ups and executions explained clearly and concisely.
If you trade UK stocks, and plan to trade only UK stocks, then this course is not for you. I doubt the strategies work for the UK market because the volume just ain't there, even on FTSE 100 stocks. It is also NOT for beginners!
But if you're serious about trading, and need some good solid education to tuck under your belt, then I would definitely recommend going on the course.
I was in a six hour on line seminar yesterday from the US yesterday because i wanted to hear some views from a short term Nasdaq player.By coincidence Alan Farley did a section.I found it very interesting.I also have his book "The master swing trader" which i agree is very good but a little heavy going.
I thought his work is fine for working off graphs and of course he shows it all on US graphs which is fine with me.However i noticed yesterday that there was only one tiny section devoted to executing your orders.Just a quick mention about Super Soes.Nothing about Ecn's or level 2 play's
The same thing in his book it is all graph work and nothing on order execution.
So i think his work is fine and its an excellent way to play US markets from graphs and an on line trading account.However i'm a little bit tight when it comes to taking my trades and i always like scalpers entries into swing plays because it gives my risk/ reward such a boost.I can also try and get in a few times without risking very much.
Of all the Nasdaq traders i know, the realy good ones are the ones that swing and scalp and manage to combine them together.With swinging you can do this with an on line brokerage like Ameritrade but your enteries will have larger stops.If you trade with level 2 you can swing and scalp.Which means that you can time your entries and exits a lot better.Over even a small period of time this will save thousands.Every 10c i save on an entry or exit saves me $100.
This is just a personal view because i,m a scalper,but for working off graphs i think he's OK.
There is a lot to be said from just working off graphs. I spend a lot of time analysing the DOW and recognising when and where reversals are likely to occur. My personal style of trading allows me to do this. I'm not sure I have the brain capacity to follow the fast moving L2 of the Nasdaq.....For those that take a more leasurely, longer period, ( 10 mins + to a few hours) I'm convinced good Chart teqniques will hold you in good stead.
Having said that, the horroble way that CMC crank the spreads and adjust the range, depending on how the futures are doing and wether there is an impending reversal has probably clouded the issue ......It sounds like a good level 2 screen and trading platform may enable me to achive a better performance.I'll never know unless I get to play with one, and sombody else's money....
Maybe it's not possible to trade the DOW like that, I just don't know.
At the end of the day, the DOW, NDX, COMPX, QQQ, S&P500 are all the same as far as TA is concerned. One just has to adjust to the nuances of each I guess. For me,it comes down to numbers...
I can trade the DOW at 9,200 for a 5 point spread which to me is about as low as you can get- 0.05%.......
This is not in any way any critscism of anyone that uses L2, or to say that one is better than the other, rather that if you don't have the resources to get a US trading platform and L2, all is not lost. You just have to rearrange your trading style to suit the tools you have.
Skim, Have you attended or are familiar with Chris Manning's 3 day training course. I attended it recently and would appreciate views on how the content/style of Alan's compares compares with it (Alan's course seems to be quite different)). Thanks
Yes, I've done the Chris Manning 3-day course, which is a good course for those who want to get into technical analysis and fundamentals.
By comparison I would say that Alan Farley's course is the next stage up from Manning's. It's definitely not for beginners, but Farley does not duplicate any of the Manning stuff. Manning introduced things like Fibonacci and Elliot Waves, stochastics, RSI and MACD - but Farley teaches you how to actually trade with them (he assumes you already know what they are and how to use them on your charting software).
When I did the course there were quite a few people who had done the Manning course, and were looking for an 'advanced' course with more precise strategies and trading styles for the current markets. There were also 35 people on the course, so you get all your questions answered, and a lot of opportunity to discuss trading tactics with your fellow students.
Remember that Manning's course is ideal for bull market conditions, but those are long gone, so traders now need to know how to swing trade to get the most out of their trading.
Of course it's horses for courses (pun intended), but if you have done the Manning course and are serious about trading, then you will probably get a lot out of the course.
Trendy - the 3 day course is £900 I believe, and the additional 4th day is something like £325.